September 09, 2014
Some investors think that when they submit their loan information on a property for a multifamily loan, it’s just about getting the information submitted and that’s it.
Nothing could be further from the truth. When you submit information on the property and information on your finances, it needs to be prepared by you in a way that makes for an attractive presentation.
The commercial loan brokers in a commercial loan company have to sell your file to a prospective lender. The file has to be presented in such a way that it is attractive to the lender. However, the information has to be honestly presented. If there are problems, for example (repair issues), they have to be noted.
In Part 1 of this article, how to present interior and exterior photos of the property will be the focus.
When you submit your information on the property you purchase or refinance, the photos (interior and exterior) need to be attractive, clear, and representative of the property. And importantly, your photos need to be taken in such a way that they show a lot of information in one photo.
For example, if you are taking interior photos, make sure you are getting a good number of important details in a photo. You don’t want to take a picture of just one thing like a bathroom tub, if one photo will fit the tub, sink, and toilet.
If an apartment of a tenant is a mess, ask them to clean it and put things away before you photograph it.
If you don’t care about the quality of the photos you send in, the lender might think you don’t care about, for example, how well you maintain the property.
Take photos of attractive views of a unit (interior and exterior). Yet, again, make sure your photos are representative of the property. If you can take a photo of the apartment building that includes beautiful landscaping, or a body of water, include it. However, if for example, ½ of your units sorely need updating, make sure you take photos of those units as well as those that have been updated.
Everything will be found out at appraisal and inspection anyway.
You want to get lenders to say that they like your property. Yet again; you want to present the property honestly.
One last thing. It may be very helpful to take care of some repair and cosmetic issues before you submit your photos. Talk to your commercial loan person about this
Call or email me if you have questions concerning this article, apartment loans or other types of commercial loans. You can reach me at 214-695-7310 and email@example.com
Bruce Painter, Director of Marketing, Business Loan Store